If you are making more than $150,000, your rental loss, if considered passive, will be suspended and carried forward unless you can claim real estate professional status.

Is it single young professionals,people in town for a short term job thats contract related, or families?

Hi,I am in the early stages of my real estate investment journey and under contract with my first rental property, which I intend to use as an STR. 

If so make sure they get it professionally installed.

Inspect your property regularly, or have it inspected professionally, and document these with checklists and signature stamps.2.

When you begin reporting rental income on your tax return, you can consult with a tax professional or use tax preparation software to ensure you're correctly claiming all eligible deductions and depreciating the expenses appropriately.

Hey Cole, congrat's on starting your journey.

Quote from @Michael Joseph: When you know nothing, you should hire a professional to represent you.

However, I want to ensure that I approach this ethically and professionally.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?